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Europe's Travails Won't Derail Domestic Economy, Bull Market

Europe's problems will not sink the U.S. economy because the American recovery is self-sustaining and driven by domestic demand, said Jeff Greenberg, Senior Economist at J.P. Morgan Private Bank. Greenberg said he expects interest rates to rise gradually and only if the economy improves which means stocks will continue to rise as well. He said wage inflation will not be an immediate trigger for Fed Chair Janet Yellen to raise interest rates because she is patient and cautious. Finally, Greenberg said the signal to sell stocks is when imbalances arise in the domestic economy, not just higher rates.